From “A Power Vacuum Is Choking the Euro Zone,” Tyler Cowen, NYT:
“Since December, the European Central Bank has lent more than a trillion euros to euro-zone banks, but that has bought no more than few months of peace. It isn’t clear how much more can be done. It probably is about time to judge the euro zone as a failed idea — and rarely is it wise to double down on failed ideas.
“What is most disturbing is that the euro-zone nations are democratic, protective of basic liberties, and have advanced intellectual and research communities. The final lesson of this debacle is that smart nations with noble motives can make very big mistakes. And that should concern us all.”